What are the eligibility requirements for an IDAP loan?

CFR · 2024-01-01 · US · Title 13

(a) (1) Be located within a Declared Disaster Area; (2) Have eligible disaster losses as follows: (i) For a Major Disaster Declaration, if located in a Primary County, have sustained damage to real or business personal property in the Declared Disaster or, if located in a Primary or Contiguous County, have sustained Substantial Economic Injury as a direct result of the Declared Disaster; or (ii) For an SBA Administrative Disaster Declaration, have sustained damage to real or business personal property in the Declared Disaster or sustained Substantial Economic Injury as a direct result of the Declared Disaster; or (iii) For an SBA EIDL-Only Disaster Declaration, have sustained Substantial Economic Injury as a direct result of the Declared Disaster; (3) Have been a small business concern under the size requirements applicable to disaster loan assistance under part 121 of this chapter (including affiliates) when the Declared Disaster commenced; (4) Together with affiliates and principal owners, not have Credit Elsewhere; (5) Apply to SBA for a Disaster Loan within the applicable deadline and before any disbursement of the IDAP loan; and (6) Be creditworthy and demonstrate reasonable assurance of repayment of the IDAP loan. (b) (1) A non-profit or charitable concern; (2) A business that was not a small business concern under the size requirements of part 121 of this chapter (including affiliates) when the Declared Disaster commenced; (3) A consumer or marketing cooperative; (4) D

official document · source cfr-2024 · id 13:§ 123.702